After giving what was needed to get car, and contract drawn, I was allowed to drive off lot with no money down. Three wks later, I was told I had to turn the car in because they could'nt find no one to finance me. I was threatned that they would report the car stolen if I did'nt reply, so I had their guy come get it. But always felt that they were wrong, because they allowed me to drive off the lot. It's been a few months now since its been returned, and I have been immobile eversince. I need answers on what to do. Am i allowed to sue or not? and how long is too late?
2006-12-19 03:43:54 · 5 answers · asked by just4fun 1 in Business & Finance ➔ Renting & Real Estate
What does this have to do with Real Estate?
2006-12-19 03:47:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, you probably cant sue, I have been in auto finance for 10 years, and if you kept the car, then they could have done nothing about it,
sometimes dealers take a risk and "spot" a car, which means they deliver in faith that they can get a bank to finance, However if you signed a contract that had a payment schedule, and interest amount on it, and an application for registration and title transfer and the dealer failed to find financing, you could have kept the car, and the dealer would have to "hold" the contract and seek payments from you.
The bad part that dealers dont usually understand ( usually newer dealers) is that If you spot a car to someone, and cant get them financed. the dealer owns the car, and the contract.... even worse for the dealer if they do this and the customer fails to pay them.. they cannot reposses the car ( because they arent a legal lending institution ) "a bank" and have no recourse.
It is common for dealers to scare you into bringing the car back,
there is a moral issue also, did they say drive it and we will work on the deal,
or did they say your approved sign here,
If you sign for it, its yours, if you didnt and were on an extended test drive then its thiers,
on a side note (dealers cant report a car stolen), Its happened to me too many times, I am in MI and have recovered cars in FL, and CA, from people who just went for a test drive, "if you hand someone the keys and a dealer plate its not stealing" its a loan, and again.... unless you sign something that says I will bring this car back today, or in an hour, then they have the car as long as they like ... is this moral, no, will you make friends NO!, but the law is blind.
I never spot cars, a lot of dealers do.....BIG RISK!
2006-12-19 04:31:01 · answer #2 · answered by fighterace26 3 · 0⤊ 0⤋
I'm guessing that it was a used car ... no new car dealer would let you have a new vehicle without a clear plan for financing before you walked out the door. Used car dealers are much less stringent with their 'money' requirements and will let you take a car with little or no money down, with the understanding that they'll be able to find financing for you, since you evidently didn't come to them pre-approved with your own financing. You were doing each other a favor ... you wanted to buy one of their cars and they were trying to get you financing! I'd also guess that your credit record isn't the cleanest it could be, because after the banks and usual lenders, there are plenty of cut-throat lenders who will lend money for nearly anything being financed.
If they tried to get you financing for 3 weeks and couldn't find a lender, they have the absolute right to demand the car. They also have the right to take possession of it anywhere, anytime after adequate warning of their intent to take it back. Sounds like you chose not to return it. The law is on their side ... I wouldn't recommend trying to sue because you can't get financing for the car. That is clearly your problem, not theirs. I think that if you read over the binder for the sale, you'll see everything you mentioned, listed in detail, somewhere in the contract. Good luck!
2006-12-19 04:07:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do you really think you can have a car without paying for it?
Doesn't matter if they get you financed or not. You still have to pay for it.
You a very silly for even entertaining the idea that they damaged you. You got to drive a car for free for 3 weeks and complain?
2006-12-19 03:47:23 · answer #4 · answered by Rowdy Yayhoot 7 · 0⤊ 0⤋
1. yes, they can if your credit wasnt clear
2. no you have no grounds for a lawsuit as it was your "fault" (about the credit).
3. I think they were more than fair in allowing you to drive it around for 3 weeks basically "rent free".
work on cleaning up your credit--pay the bills on time and pay the credit cards down and you'll qualify in no time at all AND get a better interest rate.
2006-12-19 03:47:24 · answer #5 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋